Statoil

Norwegian state oil company Statoil made a formal bid for Irish exploration company Aran Energy on Tuesday and forced Los Angeles-based Atlantic Richfield Co., Aran's original suitor, to bow out of the takeover race. Statoil offered 76 Irish pence per share for Aran, valuing the Irish company at $318.8 million. Its offer represents a premium of 11% over Arco's 68-pence revised offer.

Norwegian petroleum companies Statoil and Norsk Hydro elbowed into the global fray for oil Monday with a plan to form a state-controlled giant that would be the world's largest offshore oil producer. Statoil said it was acquiring the oil and natural gas operations of its smaller rival in a $30-billion deal largely motivated by their drives to expand outside Norway, where the competition for offshore acreage is cutthroat amid high crude prices.

Norwegian state oil company Statoil made a formal bid for Irish exploration company Aran Energy on Tuesday and forced Los Angeles-based Atlantic Richfield Co., Aran's original suitor, to bow out of the takeover race. Statoil offered 76 Irish pence per share for Aran, valuing the Irish company at $318.8 million. Its offer represents a premium of 11% over Arco's 68-pence revised offer.

Oil companies, under growing pressure to stem accidents in the North Sea that have killed almost 500 workers since drilling began in the 1960s, are trying to replace humans with robots. But unions say risks rise with fewer workers. "The trend is to cut the work force," said Per Skaanes, senior quality assurance adviser at Royal Dutch Shell Group's Norwegian subsidiary. "Systems have become more reliable and can be operated from a distance."

Norwegian petroleum companies Statoil and Norsk Hydro elbowed into the global fray for oil Monday with a plan to form a state-controlled giant that would be the world's largest offshore oil producer. Statoil said it was acquiring the oil and natural gas operations of its smaller rival in a $30-billion deal largely motivated by their drives to expand outside Norway, where the competition for offshore acreage is cutthroat amid high crude prices.

The battle for Ireland's Aran Energy heated up Monday as Los Angeles-based Atlantic Richfield Co. raised its hostile offer for the company just as Norway's Statoil announced it was considering making a bid. Arco increased its original offer, which valued the Irish company at $253 million, to $287 million. "This final offer provides full value for all of Aran's assets," Bill Wade, chairman of Arco Irish Holdings, said in a statement.

Norway's state-owned Statoil oil company today shut down production on four of its seven platforms in the North Sea because of wildcat strikes that so far have cost the country about $95 million. Statoil chief Harald Norvik used loudspeakers aboard the offshore platforms today to announce his company's intention to fight the strikers, but the workers apparently paid little attention to his speech.

Norway's biggest company, state oil firm Statoil, today reported doubled profits in the first half of 1990 compared to the same period a year ago and predicted a strong second half due to rising oil prices. Statoil posted an $894.6-million profit before extraordinary items, up from $452.2 million.

The battle for Ireland's Aran Energy heated up Monday as Los Angeles-based Atlantic Richfield Co. raised its hostile offer for the company just as Norway's Statoil announced it was considering making a bid. Arco increased its original offer, which valued the Irish company at $253 million, to $287 million. "This final offer provides full value for all of Aran's assets," Bill Wade, chairman of Arco Irish Holdings, said in a statement.

Oil companies, under growing pressure to stem accidents in the North Sea that have killed almost 500 workers since drilling began in the 1960s, are trying to replace humans with robots. But unions say risks rise with fewer workers. "The trend is to cut the work force," said Per Skaanes, senior quality assurance adviser at Royal Dutch Shell Group's Norwegian subsidiary. "Systems have become more reliable and can be operated from a distance."

Venezuelan President Hugo Chavez recommended that the state take control of natural gas projects as part of his intensified program of nationalization. Venezuelan law allows foreign companies to own gas projects in the country, but Chavez proposed a legislative change. Taking control of the gas sector could affect companies such as Chevron Corp. and Norwegian petroleum company Statoil.

In a rare recent case of siding with the oil industry, the Obama administration has asked a federal judge to allow some exploratory steps toward drilling for oil and gas in the Arctic Ocean. Late last month, a district judge in Alaska blocked all drilling-related activities in the Arctic's Chukchi Sea, citing gaps in the government's environmental impact assessments for drilling leases auctioned off during the George W. Bush administration. Interior Secretary Ken Salazar responded Friday by asking the court to narrow the ruling to allow drilling giant Statoil, which owns several Chukchi leases, to begin seismic testing in the area.